Gyeonggi Doshi Gong Accelerates 'Early Financial Execution' to Respond to COVID-19

Gyeonggi Urban Innovation Corporation

[Asia Economy (Suwon) = Reporter Lee Young-gyu] Gyeonggi Urban Innovation Corporation will expand the local fiscal rapid execution target amount for the first half of this year by about 160% compared to the previous year to prevent the spread of the novel coronavirus infection (COVID-19). In addition, the fiscal execution target amount will be increased by 48.6 billion KRW compared to the previous year.

Gyeonggi Urban Innovation Corporation announced on the 2nd that it has set the local fiscal rapid execution target amount for this year at 940.6 billion KRW, which is about 160% of last year's target amount.

Through this, Gyeonggi Urban Innovation Corporation expects to contribute more actively to overcoming the economic recession caused by COVID-19.

The projects targeted for rapid execution in the first half of the year include ▲ Seongnam Geumto Public Housing District Development Project with 132.2 billion KRW ▲ Hwaseong Dongtan (2) Land Development with 65.6 billion KRW ▲ Gyeonggi Provincial Government Office and Provincial Council Construction with 53.2 billion KRW, among others.

Gyeonggi Urban Innovation Corporation will place orders worth 252.3 billion KRW, an increase of 48.6 billion KRW compared to the previous year, to promote fiscal execution. By the end of next month, it will conduct a public offering for private business operators worth about 650 billion KRW to supply 4,927 rental and sale housing units in four blocks including Namyangju and Dongtan (2) New Town.

Last year, Gyeonggi Urban Innovation Corporation contributed to revitalizing the local economy by executing 782.2 billion KRW, which is 133% of the rapid execution target amount (589.5 billion KRW) through active fiscal execution in the first half of the year.

Earlier, Gyeonggi Urban Innovation Corporation implemented work-from-home for preschool children, pregnant women, and others, and formed and operated an emergency response team for COVID-19.

In addition, to prevent the spread of COVID-19 among tenants of rental housing in the province, recruitment of new tenants has been temporarily postponed, and the use of shared facilities in multi-use communal housing such as shared kitchens will be temporarily restricted.

Lee Heon-wook, president of Gyeonggi Urban Innovation Corporation, stated, "We will take the lead in overcoming the economic conditions of Gyeonggi Province, which have been depressed due to the impact of COVID-19, by promoting rapid fiscal execution."

This content was produced with the assistance of AI translation services.